Credit continues to grow more common than cash as the preferred payment method for today’s consumers. Low interest rates almost make it more practical to borrow rather than save for a purchase. Several speakers at the recent EGIA Lead conference discussed ways providing financing helps HVAC contractors grow their sales and build long-term relationships with clients.
Most sales remain paid for by cash, said Dave Segur, national sales manager for GreenSky Financing. For more expensive purchases, however, credit sales make up about half. Contractor-arranged financing makes up about a quarter of those credit transactions.